We want you to fully understand
PaydayUK's charges
We charge £25 per £100 borrowed for each NEW loan
- There are no arrangement fees to set up the loan
| You Borrow | You Repay* |
|---|---|
| *Payable in a single payment on your payday | |
| £80 | £100 |
| £100 | £125 |
| £200 | £250 |
| £300 | £375 |
| £400 | £500 |
| £500 | £625 |
| £600 | £750 |
| £750 | £937.50 |
Understanding the APR
The APR stands for Annual Percentage Rate and is the interest payable on the amount borrowed and other charges expressed as an annual rate charge. All lenders have to tell you what their APR is before you sign an agreement.
APRs are a good way of comparing similar products but are not so effective when comparing different products. The following table demonstrates this:
| Type of loan | Amount | Month | Total repayment | APR | Actual interest |
|---|---|---|---|---|---|
| Installment | £500 | 36 | £745 | 16.9% | 49% |
| Installment | £500 | 60 | £970 | 16.9% | 94% |
| Payday | £500 | 1 | £625 | 1737% | 25% |
As you can see the APR for the two installment loans are the same but the actual interest repaid as a percent of the loan is hugely different – and much higher than a payday loan.
Apply by Phone 0800 280 2500*
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Borrow between £80-£750 today!
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PaydayUK payday loan calculator
Calculate the amount you will need to repay using our online payday loan calculator.
What our customers say...
'9/10 existing customers think MEM payday loans are a convenient way to obtain cash quickly.'
